ECOWAS: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in ECOWAS

In 2021, the ECOWAS machine-tool for working wood market decreased by -13.5% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, consumption, however, saw significant growth. The level of consumption peaked at $X in 2020, and then fell in the following year.

Production of Machine-Tools For Working Wood in ECOWAS

In value terms, machine-tool for working wood production declined to $X in 2021 estimated in export price. In general, production enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 103% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Exports of Machine-Tools For Working Wood

Exports in ECOWAS

After two years of decline, shipments abroad of machine-tools for working wood increased by 85% to X tons in 2021. Overall, exports, however, continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2015 with an increase of 111%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, machine-tool for working wood exports declined remarkably to $X in 2021. Over the period under review, exports, however, showed a abrupt decrease. The growth pace was the most rapid in 2015 when exports increased by 38%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ghana prevails in exports structure, reaching X tons, which was approx. 72% of total exports in 2021. Sierra Leone (X tons) ranks second in terms of the total exports with a 9% share, followed by Cote d'Ivoire (8.3%). The following exporters - Cabo Verde (X tons), Mali (X tons) and Nigeria (X tons) - together made up 8.1% of total exports.

Exports from Ghana increased at an average annual rate of +13.5% from 2012 to 2021. At the same time, Cabo Verde (+25.8%) and Sierra Leone (+15.1%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +25.8% from 2012-2021. By contrast, Mali (-4.6%), Cote d'Ivoire (-17.3%) and Nigeria (-26.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Sierra Leone and Cabo Verde increased by +54, +7.1 and +3.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Sierra Leone ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 73% share of total exports. These countries were followed by Cabo Verde, Nigeria and Mali, which together accounted for a further 21%.

Cabo Verde, with a CAGR of +20.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -54.4% against the previous year. In general, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 59%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+17.4%), while the other leaders experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports in ECOWAS

After four years of growth, supplies from abroad of machine-tools for working wood decreased by -13.3% to X tons in 2021. In general, imports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 350% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, machine-tool for working wood imports contracted to $X in 2021. Overall, imports, however, posted a significant expansion. The growth pace was the most rapid in 2018 when imports increased by 102% against the previous year. The level of import peaked at $X in 2020, and then fell in the following year.

Imports by Country

Nigeria prevails in imports structure, recording X tons, which was approx. 93% of total imports in 2021. Ghana (X tons) and Cote d'Ivoire (X tons) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the machine-tools for working wood imports, with a CAGR of +45.0% from 2012 to 2021. At the same time, Cote d'Ivoire (+15.4%) and Ghana (+6.4%) displayed positive paces of growth. Nigeria (+46 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by -6.4% and -21.1% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported machine-tools for working wood in ECOWAS, comprising 86% of total imports. The second position in the ranking was taken by Ghana ($X), with a 6.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +35.3%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+10.0% per year) and Cote d'Ivoire (+9.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price saw a deep downturn. The pace of growth was the most pronounced in 2014 an increase of 42% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+3.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform